We are seeing the Manhattan rental market tighten up a bit. Rental prices have increased to their second highest level in more than five years and prices increased for the second consecutive month after six months of decline. The use of concessions by landlords has fallen by half since the beginning of the year and marketing times are faster than they were a year ago. Tight credit and rising city employment has continued to keep the pressure on rents. We anticipate similar conditions as when we move into the summer months.
Brooklyn rental prices continued to do what they have been doing for the past 11 months - rise. Rents of smaller apartments have shown the largest increases. Marketing times remain fast and negotiability is limited. With the rapid rise in rents over the past year, there is a lot of resistance by tenants at the time of lease renewal, trying to find choices with greater affordability. The market continues to remain tight and we expect this momentum to carry through the next several months.
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